A description that references a “part of” a section and gives the full government survey
location is sufficient.
A broker has a duty to inspect the listed property.
The general priority rule between recorded land interests is first in time, first in right.
The escrow agent has discretionary authority on the escrow instructions.
Misrepresentation can be based on a statement that is considered puffing.
The nature of closing varies from state to state.
A lender or secured creditor for a debtor who has toxic waste on its property can be held
liable for clean’‘up in the event of foreclosure.
The Home Mortgage Disclosure Act applies to all financial institutions.
Many states prevent disclosure of psychological impact factors about property unless
the buyer asks specifically.
A government survey description requires a reference to a guide meridian.
Livery of seisin was a ceremony of transfer of land title.
Intensity zoning
a. Regulates the type of use of property
b. Can include building height limitations
c. Is prohibited in urban areas
d. None of the above
The Axrods own a landlocked tract of land. When they bought it from the Bonhams,
who owned the full tract, they did not obtain an easement.
a. The Axrods cannot use their property
b. The Axrods can, at best, obtain a license
c. The Axrods have an easement by necessity
d. The Axrods have an express easement by implications
The difference between a contract with earnest money and an option is
a. The contract is enforceable
b. The option can be revoked at any time
c. The option is not a contract for purchase and sale
d. The option need not be in writing
The tax assessor for Clark County sent a delinquent notice to Rob Newton at the
property address. There was no response to the notice of delinquency. The assessor had
a different address for Mr. Newton but sent it only to the property address. Rob
challenged the tax sale for lack of notice.
a. As long as Clark County complied with its required procedures the sale is valid
b. Under recent court rulings, Clark County cannot ignore the alternate address
c. The sale cannot be set aside as long as the sale brought a reasonable amount for the
property
d. None of the above
Which of the following properties is not exempt from a mechanic’s lien?
a. State land
b. Corporate property
c. Federal land
d. Municipal housing
e. All of the above are exempt
Determine whether the items would be fixtures or personal property.
Display cases in a department store
a. Trade fixture
b. Fixture
c. Personal property of the department store
d. Both a and c
What federal law introduced the buying and selling of emissions permits?
a. The Clean Air Act Amendments of 1990
b. The Air Pollution Control Act
c. The 1963 Clean Air Act
d. The buying and selling of emissions permits is not allowed under federal law
b
Day 1 0 → A
Day 2 0 → B (bfp)
Day 3 B records
Day 4 A records
In a notice state, who would take title to the property?
a. A
b. B
Alice DeMinimis recently purchased a small two-bedroom home. She will be paying
$85,000 for the home by paying $5,000 down and obtaining a loan for the remaining
$80,000. Alice wants to know the difference between her rights if she has a mortgage
versus a deed of trust. Which of the following sources of law will contain the
information she needs?
a. State constitution
b. State legislative enactments
c. Federal regulations
d. U.S. Constitution
e. None of the above
Seller A has two counteroffers outstanding to Buyer B and Buyer C. B and C both
accept the counteroffers.
a. A need not perform on either acceptance
b. A must perform for the first party to accept
c. A has a valid contract with both B and C
d. A must perform for the acceptance that is closest to his desires
“To A for life, then to B’s children.” (B is alive and has 2 children). B’s children hold
a. An executory interest
b. A vested remainder subject to partial divestment
c. A vested remainder subject to complete divestment
d. A contingent remainder
Which of the following is not provided under the URLTA?
a. Implied warranty of habitability
b. Limits on amounts of security deposits
c. Prohibitions on subleases
d. Restrictions on nonrefundable deposits
Under RESPA, the final settlement charges in closing cannot vary by more than which
of the following?
a. 3%
b. 5%
c. 8%
d. 10%
In, ‘To my wife for life, then to my children,’ the children hold
a. A remainder interest
b. A life estate
c. An executory interest
d. A fee tail
April Lopez is buying a home from Becky Tanner. The selling price is $180,000. April
is putting $20,000 down, assuming Becky’s $120,000 loan, and Becky is carrying April
for the remaining $40,000. Which term best describes this financing arrangement?
a. A second mortgage
b. A refinancing
c. An assumption with a purchase money mortgage
d. New financing
Which of the following will cause a limited partner to lose limited liability status?
a. Participation in discussions and voting on partnership decisions
b. Use of name in firm name
c. Contribution greater than other limited partners
d. Employment with the partnership
e. All of the above
In order to have rent increase with changing economic conditions, the landlord should
include
a. A CAM clause
b. A CPI clause
c. A triple net-net-net clause
d. A percentage net clause
When must a PMSI fixture creditor file a financing statement to take priority over
previously perfected creditors?
a. Within 20 days of the fixture’s annexation
b. Within 20 days of the fixture’s purchase
c. Within 20 days of the creation of the security interest
d. Within 20 days of the debtor’s signature
Courts cannot reverse a zoning board’s denial of a special use permit.
The federal government has special funding programs available for developing
geothermal energy resources.
The Rule Against Perpetuities has been eliminated or changed in some states.
All federal regulations have a statutory basis in the United States Code.
What is the ‘good neighbor’ rule?
a. A rule that prevent discharge into rivers and streams so that downstream landowners
are not affected
b. A rule that applies to the doctrine of nuisance
c. A rule that allows the shut-down of coal plants in one state that affect air quality in
other states
d. A rule that has been declared unconstitutional
In all of the states, a fee tail is treated as a fee simple absolute.
Discuss the rights and limitations of life tenants.
Annual taxes on the home Celinda Evans is purchasing are $1,200 (or $100 per month),
due on April 30. Celinda’s closing on her new home will occur on July 15, and her first
full mortgage payment will be made on September 1. Under RESPA, the maximum
deposit Celinda’s lender can require for her taxes is
a. $100
b. $200
c. $300
d. $600
A posthumous heir is one born after the death of the intestate.
Real estate licensing laws are found at the federal level.